Texas tops the 2025 business climate rankings constantly for three consecutive years. The Lone Star state was just ahead of North Carolina, followed by North Carolina, Georgia, Virginia, and then Florida.
President of the Texas Association of Business, Glen Hamer, says it is not only a business-friendly state with low taxes and low regulations, but also a diversified economy.
“No one sector of our economy represents more than 10 percent of our gross domestic product. We are number one in energy, we’re number one in semi-conductor manufacturing and exports- that’s a big part of our economy, we have a major automotive sector with Tesla and other companies here, a major health sector with the Houston Medical Center, also a leader in Space with Nasa and Space X and Firefly, and now “Y’all’s Street” is quickly becoming the global finance capital of North America with everything going on in the Dallas area. Hamer said.
He also points to the responsible and efficient taxpayer dollars have been managed.
“Last budget cycle, we had a 23-billion-dollar surplus. States like California have had a 12-billion-dollar deficit. Hamer said.
In addition, he credits Governor Abbot for supporting job growth, expansion of technological colleges, pushing more agricultural growth as well as logistics making Texas a major port for Canada, Mexico and China agreements, also a push in Robotics, and diversified energy technologies to prepare for the demand for data centers and businesses that need additional power by increasing production in wind and solar and advanced nuclear energy sources. Hamer explained.
“The exciting thing about Texas is how well the economy is performing as well as how diversified our economy is today.” Hamer said.
Texas currently is the eighth largest economy in the world. He forecasts the state will be the seventh largest economy in 5-10 years.